By Rahul Oberoi, ETMarkets.com | Updated: Jul 31, 2017, 10.55 AM IST

There is headroom for the index to go higher. There is a lot of support in terms of individual stocks and sectors, which have been doing well.

NEW DELHI: NSE’s Nifty50 index created history last week, by attaining the psychologically important 10,000 mark for the first time ever.

NEW DELHI: NSE’s Nifty50 index created history last week, by attaining the psychologically important 10,000 mark for the first time ever.
The Nifty50 settled at 10,014 on Friday, up 1 per cent from 9,915 hit on July 21. This was the fourth consecutive positive weekly close for the benchmark index.

“There is headroom for the index to go higher. There is a lot of support in terms of individual stocks and sectors, which have been doing well. The index is heading towards the 10,350 mark, which is possible over the next 10 sessions,” said Kunal Bothra, independent market expert.

Based on various brokerage recommendations, here are 15 stock strategies that can potentially deliver solid gains over the next 14-21 sessions:

Analyst: Shrikant Chouhan, Head of Technical Research, Kotak Securities
PVR | Buy | Target price: Rs 1,400 | Stop loss: Rs 1,305
The stock is at its prior resistance level, which is now acting as support. Also, ABC corrective pattern completes at Rs 1,324.85, thus generating a buy signal. The stock hit a low of Rs 1,318. The momentum oscillator, i.e. RSI is signalling positive divergence.
Tata Global Beverages | Buy | Target price: Rs 186 | Stop loss: Rs 161
This stock is forming a higher highs and higher lows and has seen a huge runup with a surge in volumes, indicating bullish momentum. The stock is trading above its major moving averages, which is a positive sign. The momentum indicators are also showing excessive strength for the near term.
Hexaware Technologies| Buy | Target price: Rs 290 | Stop loss: Rs 249
This stock has broken upward from a symmetrical triangle formation, which is bullish in nature. Increase in volumes, suggests that there is buying interest from major players. It can see sharp up-move in coming days.
Analyst: Dharmesh Shah, Head Technical, AVP, ICICI Direct
Hindustan Zinc | Buy | Target price: Rs 327 | Stop loss: Rs 262
This stock has registered a falling channel breakout on the weekly chart, signalling a reversal of the corrective trend and offers a fresh entry opportunity to ride the next up move.
Emami | Buy | Target price: Rs 1,250 | Stop loss: Rs 1,040
This stock is witnessing base formation above the key value area of Rs 1,000 being the confluence of 80% retracement of last rising segment and 100-week EMA. We believe the stock offers good entry opportunity with a favourable risk reward.
Rashtriya Chemicals & Fertilizers | Buy | Target price: Rs 104 | Stop loss: Rs 78
This stock attracted strong demand at the previous major breakout area and rising trendline in place since November 2016 to signal conclusion of the secondary consolidation phase and resumption of upward momentum.
Analyst: Nagaraj Shetti of HDFC Securities
SPARC | Buy | Target price: Rs 420 | Stop loss: Rs 343
The stock price of Sun Pharma Advanced Research Company (SPARC) has been in an excellent uptrend over the last couple of weeks. The up move has occurred after shifting into a larger consolidation in the previous one month. This week’s up move has led to an upside breakout of the larger triangle type pattern around Rs 340 levels and closed above it. This pattern could be viewed as a beginning of sharp upside momentum here. One may expect more up move for near term. This week’s upside breakout was in line with rise in volume and momentum oscillators are also showing positive signal.
Bharat Financial Inclusion | Buy | Target price: Rs 955 | Stop loss: Rs 780
The sharp upside bounce in last few weeks has led to a bottom reversal of the previous down move of March-June 17. This week witnessed a sharp rally and the stock price is now advancing towards the key overhead resistance of around Rs 900 (previous top). An upside breakout of that hurdle could open up more upside for the stock price for near term. Volume rose during this week’s upside breakout and the weekly momentum oscillator like the 14-period RSI is showing positive indication.
Analyst: Anand James, Chief Market Strategist, Geojit Financial Services
Torrent Power | Buy | Target price: Rs 226 | Stop loss: Rs 175
This stock seems to be reversing a three-month-long downtrend. The formation of a flag pattern supports this view, and stop loss can be placed below the flag near Rs 175, for an upside objective of Rs 226 to Rs 229. Momentum indicators are near oversold region and MACD is attempting to break above the zero-line, hinting at continuation of the current reversal.
Phillips Carbon Black | Buy | Target price: Rs 680 | Stop loss: Rs 580
This stock has been in a steep uptrend and is currently seen forming a triangle pattern suggesting that the ongoing consolidation is likely to be followed by resumption of uptrend. Stop loss can be placed below the base of the triangle, which is around Rs 580. The stock has held itself well above the 50-day and 100-day moving averages. The momentum indicators are nearing oversold region hinting at possibility of a bounce back in the near term. If the triangular pattern breakout succeeds, the upside objective can be set at Rs 680.
Crompton Greaves | Buy | Target price: Rs 232 | Stop loss: Rs 188
This stock formed a topping pattern recently, but the recent correction has brought it to keep supports of Rs 188 again, which can be used as the stop loss for the suggested long trade aiming Rs 232.
Brokerage: SMC Investments and Advisors
Bharat Forge |Buy | Target price: Rs 1,290 | Stop loss: Rs 1,050
In the recent past, this stock has given sharp fall from Rs 1,200 towards Rs 1,050 levels and took support at its 100-day EMA. Moreover, on daily charts it has been trading in upward channel and making higher highs and higher lows with consistent volumes. As per current structure it has formed ascending triangle formation on daily charts and is one verge of giving breakout above its resistance level. Traders can accumulate the stock in range of Rs 1,155-1,145 for the target of Rs 1,290 with stop loss below Rs 1,050.
Tata Chemicals | Buy | Target price: Rs 710 | Stop loss: Rs 595
This stock has made double bottom formation on daily charts around Rs 580 levels and risen sharply from there to give breakout above Rs 620. However, since then stock has seen trading in range of Rs 650-620. From technical front, it has made bullish flag formation and is one verge of giving breakout. The rising volume along with mounting price also supporting the upside in stock going forward. Traders can accumulate the stock in range of Rs 625-620 for the upside target of Rs 680 with stop loss below Rs 590.
Analyst: Sumeet Bagadia, Associate Director, Choice Broking
GSFC | Buy | Target price: Rs 157-167 | Stop loss: Rs 124
On the weekly chart, shares of Gujarat State Fertilizers & Chemicals (GSFC) have been trading as per momentum triple pattern theory with a strong support of 20-week exponential moving average. Moreover, the stock has formed a ‘Bullish Marubozu’ candlestick with above average volume which shows accentuated buying activity during the last week’s trading sessions. A weekly momentum indicator RSI reading is at 63.07 level with positive crossover and forming rising bottom which points out for a positive breath in the stock.
Hexaware Technologies | Buy | Target price: Rs 280-286 | Stop loss: Rs 245
On the weekly chart, this stock has formed a strong bullish candle with healthy volume and has given a breakout of last its flat trading sessions. Moreover, the stock has given a breakout of its upper band of symmetrical triangle formation on a daily chart which indicates an upside move in the counter. Weekly momentum indicators MACD and RSI are showing a positive crossover, which shows potential for further uptrend on the counter.
(Views and recommendations given in this section are the analysts’ own and do not represent those of EconomicTimes.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)

CREDIT to: Economic Times

LEAVE A REPLY

Please enter your comment!
Please enter your name here